Bed Bath shares fall after company cuts guidance

By JOAN VERDON

Staff Writer |

The Record

UNION - Shares of Bed Bath & Beyond Inc., the nation's biggest housewares company, fell by more than 9 percent in after-hours trading Wednesday after it missed analysts' expectations for fiscal third-quarter earnings and revenue and cut its earnings guidance for the fourth quarter and full year.

Bed Bath's net income for the quarter ending Nov. 30 was $1.12 a share, or $237.2 million, an increase of 8.7 percent of $1.03 a share, or $232.8 million, in the fiscal third quarter of 2012. The company missed analysts' expectations for earnings of $1.15. Revenue was $2.865 billion, up 6 percent from $2.7 billion in the third quarter of 2012, and slightly below analysts' forecasts of $2.88 billion.

Sales of stores open at least a year rose 1.3 percent, compared with 1.7 percent in the third quarter of 2012.

The company trimmed its earnings guidance range for the fourth quarter to $1.60 to $1.67, from $1.70 to $1.77. It reduced full year guidance to $4.79 to $4.86, from its previous $4.88 to $5.01

The company's stock closed at $79.68 Wednesday, close to its 52-week high, but had dropped to $72.21 by 5:15 p.m., after the earnings release.

Bed Bath shares fall after company cuts guidance

By JOAN VERDON

Staff Writer |

The Record

UNION - Shares of Bed Bath & Beyond Inc., the nation's biggest housewares company, fell by more than 9 percent in after-hours trading Wednesday after it missed analysts' expectations for fiscal third-quarter earnings and revenue and cut its earnings guidance for the fourth quarter and full year.

Bed Bath's net income for the quarter ending Nov. 30 was $1.12 a share, or $237.2 million, an increase of 8.7 percent of $1.03 a share, or $232.8 million, in the fiscal third quarter of 2012. The company missed analysts' expectations for earnings of $1.15. Revenue was $2.865 billion, up 6 percent from $2.7 billion in the third quarter of 2012, and slightly below analysts' forecasts of $2.88 billion.

Sales of stores open at least a year rose 1.3 percent, compared with 1.7 percent in the third quarter of 2012.

The company trimmed its earnings guidance range for the fourth quarter to $1.60 to $1.67, from $1.70 to $1.77. It reduced full year guidance to $4.79 to $4.86, from its previous $4.88 to $5.01

The company's stock closed at $79.68 Wednesday, close to its 52-week high, but had dropped to $72.21 by 5:15 p.m., after the earnings release.